Crypto exchange Coinbase launches Singapore engineering hub in partnership with EDB

The largest cryptocurrency exchange in the United States has launched an engineering hub in Singapore to boost the local blockchain developer scene.

Coinbase announced on 6 Nov that it has joined forces with the Economic Development Board to offer Singapore-based engineers the resources and training to advance the local blockchain ecosystem. It also aims to make cryptocurrencies more “accessible and useful” for everyday financial needs in the region.

“This brings us one step closer to our goal of increasing economic freedom by onboarding one billion people into the crypto economy, and Singapore one step closer to achieving the digital upskilling goals of the Smart Nation 2.0 strategy,” Coinbase said.

Its country director for Singapore, Mr Hassan Ahmed, told The Straits Times on 6 Nov that the hub will serve as a “structured programme” for undergraduate engineering students enrolled in the exchange’s internship programme, as well as for its newly hired engineers.

He added: “We actively recruit fresh graduates and early-career engineers who may lack crypto experience but share our mission.

“We envision this hub as a launch pad for aspiring Web3 talent in the region, setting them on a path towards fulfilling, impactful careers.”

In 2023, Coinbase was granted a full major payment institution licence under the Payment Services Act. It came about a year after the firm received in-principle approval from the Monetary Authority of Singapore (MAS).

Mr Ahmed said the MAS licence has accelerated Coinbase’s expansion efforts, enabling it to build its Singapore road map with a “firm foundation”.

Its goal is to expand practical use cases of blockchain, especially in areas like payments and fintech integrations. It is also exploring innovations such as artificial intelligence-based crypto trading.

Coinbase provides trading and staking services in Singapore. Staking involves locking up a user’s digital tokens for a certain period to validate transactions on the blockchain, earning the user more tokens as a reward.

The Nasdaq-listed company employs about 70 people here, including product managers, engineers and staff in the institutional sales, compliance, and legal departments. It said its headcount is expected to expand with the launch of the hub but did not disclose specific figures.

Coinbase’s Asia-Pacifc technology hub, which is also located here, has invested in more than 18 Singapore-based Web3 start-ups through its investment arm Coinbase Ventures.

Coinbase reported a net income of US$75.5 million (S$100 million) for the third quarter of the 2024 financial year, reversing a loss of US$2.3 million in the same period in 2023. Its shares are up over 20 per cent since the start of 2024.

Source: The Straits Times ©️ SPH Media Limited. Permission required for reproduction.